Young & Co.’s Brewery, P.L.C.
PRELIMINARY RESULTS FOR THE 52 WEEKS ENDED 31 MARCH 2025
AN EXCELLENT PERFORMANCE AND WELL POSITIONED FOR FURTHER GROWTH
| 2025 £m | 2024 £m | % change | |
| Revenue | 485.8 | 388.8 | +24.9 |
| Adjusted operating profit1 | 71.4 | 57.3 | +24.6 |
| Adjusted profit before tax1 | 51.6 | 49.4 | +4.5 |
| Adjusted EBITDA1 | 113.6 | 92.2 | +23.2 |
| Adjusted operating margin1 | 14.7% | 14.7% | 0.0% |
| Net debt (pre-IFRS 16) | 248.3 | 267.8 | -7.3 |
| Net debt to adjusted EBITDA (pre-IFRS 16)2 | 2.4x | 3.2x | -0.8x |
| Net debt | 336.3 | 359.6 | -6.5 |
| Net debt to adjusted EBITDA1 | 3.0x | 3.9x | -0.9x |
| Statutory profit before tax | 18.1 | 20.7 | -12.6 |
| Net assets | 774.4 | 775.2 | -0.1 |
| Adjusted basic earnings per share1 | 61.84p | 62.97p | -1.8 |
| Basic earnings per share | 16.10p | 18.89p | -14.8 |
| Dividend per share3 (interim and recommended final) | 23.06p | 21.76p | +6.0 |
| Net assets per share4 | £12.47 | £12.48 | -0.1 |
1 Reference to an “adjusted” item means that item has been adjusted to exclude a non-underlying pre-tax cost of £33.5 million (2024: non-underlying cost of £28.7 million).
2 Net debt to adjusted EBITDA (pre-IFRS 16) has been calculated using a pre-IFRS 16 adjusted EBITDA of £103.3 million (2024: £83.3 million). See notes 4 and 16.
3 The dividend, in respect of the period ended 31 March 2025, is expected to be paid on 17 July 2025 to shareholders who are on the register of members at the close of business on 13 June 2025.
4 Net assets per share are the group’s net assets divided by the shares in issue at the period end.
HIGHLIGHTS
- Strong like-for-like revenue growth of 5.7%, reflecting the strength of Young’s strategy, supported by an excellent performance during EURO24 and the Christmas period, and despite challenging weather at the start of the year.
- Total revenue for the period up 24.9% to £485.8 million, and adjusted EBITDA up 23.2% to £113.6 million with managed house EBITDA for the period up 22.4% to £138.3 million.
- Adjusted operating profit up £14.1 million to £71.4 million, with a sector leading margin of 14.7%, despite continued National Living Wage increases of almost 10%, utility costs and H1 head office dual running costs of £2.1 million from the City Pub Group acquisition.
- Healthy cash generation, a balanced investment strategy, and the planned selective disposal of nine trading pubs has reduced year end net debt (pre-IFRS 16) by £19.5 million to £248.3 million (net debt £336.3 million), with net debt to EBITDA (pre-IFRS 16) at 2.4 times (net debt to adjusted EBITDA 3.0 times).
- Recommendation for a final dividend of 11.53 pence, resulting in a total dividend for the year of 23.06 pence, up 6.0%, reflecting our strong profit performance and progressive dividend policy.
- Completed the successful integration of City Pub Group into the Young’s estate. Head office synergies realised, and food and drink margin benefits achieved in line with the acquisition plan.
- Like-for-like managed house revenue for the last nine weeks was ahead of last year by 8.0%, giving the Board confidence for the year ahead.
POST PERIOD END HIGHLIGHTS
- Board changes: Nick Miller has decided to step down from the Board after eight years, with John Dunsmore joining as NED, both effective at the July AGM.
Simon Dodd, Chief Executive of Young’s, commented:
“I am delighted to announce another excellent set of results, reflecting the strength of the Young’s strategy. During the year, customers flocked to our wonderful pubs to watch EURO24 and celebrate Christmas. Poor weather at the start of the year held back early trading, but unseasonable March sunshine delivered a welcome boost to sales. We have successfully completed the integration of the City Pub Group, realising all the promised synergies and we are well advanced in achieving further operational benefits.”
“A tough macroeconomic environment for the industry seems to have been par for the course since I became CEO and Government changes coming into effect in April make life no easier. However, we are in excellent shape, with our differentiated approach and premium business model positioning us well in difficult conditions. Young’s continues to be a leader for like-for-like sales in our sector and everything within our control is going to plan.”
“It’s been a fast start to the new financial year, with the great weather throughout April and May meaning our beautiful pub gardens and riverside locations have been packed full of customers. Whilst we remain mindful of the headwinds facing consumers and the wider issues that our industry will encounter, we are confident our premium, well-invested, predominantly freehold pub estate will continue to deliver profitable growth.”